Real Estate Week – Here at the ECT

by   what’s your view?

The ECT spent part of last week studying Eagle County’s current Real Estate market.  That’s the Eagle River Valley – part of Eagle County.

What we learned:

1 – there is no shortage of opinions from our local Real Estate Professionals

2 – there is 100% consensus among those Real Estate Professionals that “there are not enough buyers” in today’s Eagle County Real Estate market.

The ECT will disclose we don’t have direct access to their MLS system.  So what we looked at (because we could – and you can too) is the Real Estate listings from Zillow.Com

Zillow.Com lets you run a report of current listings by Zip Code.  Here is what we found last Wednesday, August 14th 2013 when we ran it.

Wednesday, August 14, 2013  – total listings ECT found on Zillow.com (1,246)

Zillow.com Reports Eagle County Real Estate for sale

81657 – Gypsum (243)

81631 – Eagle (123)

81632 – Edwards, Cordillera, Homestead, Singletree, Arrowhead (347)

81620 – Avon, BC, Eagle Vail (262)

81645 – Minturn (16)

81649 – Red Cliff (12)

81657 – Vail (243)

There was no consensus on whether 1,246 was a small number or a (glut?) of current Real Estate listings for Sale in Eagle County.

EC-Real-Estate-18AUG2013

A Real Estate professional who has access to the MLS reported back ~1,100 Real Estate listings for the same zip codes by her count last week.  The difference?  Perhaps due to vacant lots, timeshares, ECT is not sure.

Current Realtor complaints included:  Some folks “don’t have to sell” their Resort Real Estate – so they’re not very flexible on the purchase price they’ll accept.  This has the imperfect effect on the market of having more homes for sale, for a much longer period of time.

In short:  It’s still very much a “buyers market” in Eagle County today.  Just read the graphic above for proof of this…

Also reported to the ECT folks was the down valley (Eagle/Gypsum) market ($300k-$600k) has the majority of the (total number) of transactions going on today.  Recall that down valley was the hardest hit over the last few years with the largest number of home foreclosures in our market.

Looking ahead?  Eagle County is already “positioned” for the next building boom.  ECT folks don’t think it’s going to happen anytime soon.  If ever.

Positioned?  OK, already approved for development:  Eagle River Station, Eagle – Minturn, the Battle Mountain project – Avon, Traer Creek’s development – Wolcott – Rick Hermes recently approved project.

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